xxviii, 706 pages : 26 cm

Krugman and Obstfeld provide a unified model of open-economy macroeconomics based upon an asset-market approach to exchange rate determination with a central role for expectations. This eighth edition integrates research, data and policy in hot topics such as outsourcing, geographic geography and financial derivatives

Includes bibliographical references and index

PART 1: INTERNATIONAL TRADE THEORY -- 2. World Trade: An Overview -- 3. Labor Productivity and Comparative Advantage: The Ricardian Model -- 4. Resources, Comparative Advantage, and Income Distribution -- 5. The Standard Trade Model -- 6. Economies of Scale, Imperfect Competition, and International Trade -- 7. International Factor Movements -- PART 2: INTERNATIONAL TRADE POLICY -- 8. The Instruments of Trade Policy -- 9. The Political Economy of Trade Policy -- 10. Trade Policy in Developing Countries -- 11. Controversies in Trade Policy

PART 3: EXCHANGE RATES AND OPEN-ECONOMY MACROECONOMICS -- 12. National Income Accounting and the Balance of Payments -- 13. Exchange Rates and the Foreign Exchange Market: An Asset Approach -- 14. Money, Interest Rates, and Exchange Rates -- 15. Price Levels and the Exchange Rate in the Long Run -- 16. Output and the Exchange Rate in the Short Run -- 17. Fixed Exchange Rates and Foreign Exchange Intervention -- PART 4: INTERNATIONAL MACROECONOMIC POLICY -- 18. The International Monetary System, 1870/1973 -- 19. Macroeconomic Policy and Coordination Under Floating Exchange Rates -- 20. Optimum Currency Areas and the European Experience -- 21. The Global Capital Market: Performance and Policy Problems -- 22. Developing Countries: Growth, Crisis, and Reform -- Mathematical Postscripts

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